04 April 2024

SYNCHRONIZED INTEREST RATE INCREASES: Global inflation and interest rates tracker: see how your country compares

Inflationary pressures are beginning to wane but not all central banks have taken action yet. See how this affects you

Global inflation and interest rates tracker: see how your country compares

Central banks around the world are expected to lower borrowing costs as global inflation eases from the multi-decade highs reached in many countries over the past two years. Some institutions, particularly in emerging markets, have already started cutting rates, but many more are forecast to follow this year, including the US Federal Reserve, the European Central Bank and the Bank of England.

The FT global inflation and interest rates tracker provides a regularly updated visual narrative of consumer price inflation and central bank policy rates around the world.

This page covers the factors affecting policymakers’ decisions on borrowing costs, showing how central banks responded to rising prices with a synchronized increase in interest rates.

Higher borrowing costs have helped ease the fast pace of price growth that swept the world over the past three years during the pandemic and war in Ukraine. While inflation in most nations has come down from its peak, many policymakers have warned that the last leg of the journey to central banks’ target — which in most advanced economies is 2 per cent — will be the hardest.

You can use this page to monitor inflation and interest rates in most individual countries.

This page also tracks measures that are closely monitored for signs of how inflation and policy rates might evolve in the months ahead.

The latest figures for the world’s largest economies show that inflation remains elevated in some countries, excluding food and energy, a key measure of underlying price pressures.
Wholesale energy costs provide a timely measure of the price pressures consumers might face in the coming months. A rise in energy prices was the main driver of inflation in many countries in recent years, but gas and electricity costs have now retreated from their peaks during the energy crisis that emerged after Russia invaded Ukraine.

This page also tracks the yields on 2-year government bond yields, which are strongly affected by market expectations of interest rates over that time. Asset prices have been another point of concern, especially for houses. The cost of homes soared in many countries during the pandemic, but high mortgage rates have led to a significant slowdown in house price growth in a number of countries.

While inflation in most nations has come down from its peak, many policymakers have warned that the last leg of the journey to central banks’ target — which in most advanced economies is 2 per cent — will be the hardest.

Global inflation and interest rates tracker: see how your country compares